Notes to Accounts of Canopy Finance Ltd.

Mar 31, 2015

1. Related party transactions

a. Details of related parties:

Description of relationship Names of related parties

Key Management Personnel (KMP) Mr. Ashish Trivedi- Managing Director

Mr. Om Prakash Trivedi- Chief Financial Officer

Ms. Priya Kedia- Company Secretary

Relatives of KMP -

Company in which KMP / Relatives a. Dhansubh Exim Pvt. Ltd.

can of KMP exercise significant b. Nishdin Vintrade Pvt. Ltd. influence

c. Bhooteshwar Barter Pvt. Ltd.

d. Brightful Retailers Pvt. Ltd.

e. Gajrup Management Pvt. Ltd.

Note: Related parties have been identified by the Management.

Details of related party transactions during the year ended 31st March 2015 and the balances outstanding as at 31st March 2015

2. Corporate Overview

Kartavya Udyog Viniyog Ltd. (Formerly known as Kanisk Udyog Viniyog Limited), incorporated on 26th June 1981, having its registered office at 196/C, C.R. Avenue, Kolkata- 700007, West Bengal. The Directors of the company are Mr. Ashish Trivedi, Mr. Raj Kumar Sharma, Mr, Om Prakash Trivedi and Mrs, Vinita Agarwal.

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Mar 31, 2014

1 As per information available with the Company there are nt outstanding dues of SSI undertakings as required by Schedule VI of the Companies Act, 1956 as amended hy Notification No. GSR 129(E) dated 22.02.1999 issued by the Department of Company Affairs. Ministry of Law, Jiisticc &. Company Affairs. .

2 The Company has no amount to be paid 10 Micro, Small and Medium Enterprises in aecurdanee with provisions nf Micro, Small & Medium Enterprises Development Act, 2006. Hence, disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act are not required.

3 Previous year figures have been regrouped or rearranged whenever considered necessary,

4. Contingent liabilities not acknowledged as debts: NIL (P.Y. Nil).

5. Earnings per Share

1. Profit after Tax: Rs.20J6S [P.Y. Rs. 2,954]

2. Weighted Average Number of Equity shares outstanding during the year: 3,480,000(P.Y. j,4 80,000)

3- Nominal Value Of shares: Rs 10/- per share.

4, Basic and Diluted EPS: (Rs.0.00) [P.Y. : (Rs, 0.00}]

6. RELATED PARTY DISCLOSURES

Asltish Tri vedi Director

Om Prakash Trivcdi Director

Manish Trivcdi Director

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Mar 31, 2013

1. Previous year's figures have been regrouped/ re-arranged wherever necessary'.

2. The Company is listed on Calcutta Stock Exchange.

3. There is no Contingent Liability for the year under review,

4. There is no employee eligible for the benefit of gratuity; hence no such provision is made.

5. In the opinion of the Board and to the best of their knowledge and belief, the value of realization of current assets in the ordinary' course of business will not be less than the amount at which they are stated in the Balance Sheet.

6. As per information and explanation provided by the Management there are no outstanding dues of SSI undertakings as required by Schedule VI of the Companies Act. 1956.

7. The Company has no amount to be paid to Micro, Small and Medium Enterprises in accordance with provisions of Micro, Small & Medium Enterprises Development Act 2006.

8. In terms of Accounting Standard 20, the calculation of EPS is given below:-

Profit/(Loss) after Taxation:- Rs 2,954.00

(a) Weighted Average number of Equity Shares outstanding during the year:- 3,480,000 shares.

(b) Normal value of shares:- Rs 10/ share (c| Basic and Diluted EPS:- Rs. 0.00

9. In accordance with the Accounting Standard AS-22 "Accounting for Taxes on Income* issued by the Institute of Chartered Accountants of India, Deferred Tax Asset is not created as a matter of prudence as there is no reasonably certainty' of future profit.

10. All assets and liabilities have been classified as current or non-current as per company's normal operating cycle and other criteria set out in the revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current & non current classification of assets & liabilities.

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Mar 31, 2012

(i) Previous year's figures have been regrouped/ re-arranged wherever necessary.

(ii) The Company is listed on Calcutta Stock Exchange.

(iii) There is no Contingent Liability lor the year under review.

(iv) There is no employee eligible for the benefit of gratuity; hence no such provision is made.

(v) In the opinion of the Board and to the best of their knowledge and belief, the value of realization of current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

(iv) As per information and explanation provided by the Management there are no outstanding dues of SSI undertakings as required bv Schedule VT of the Companies Act, 1956.

(v| The Company has no amount to be paid to Micro, Small and Medium Enterprises in accordance with provisions of Micro. Small & Medium Enterprises Development Act 2006.

Sd/- Ashish Trivedi Sd/- Om Prakusih Tnvedi

(vi) In terms of Accounting Standard 20, the calculation of LIPS is given below;

(a) Profit/(Loss) after Taxation:- (Rs 2,205.00)

(b) Weighted Average number of Equity Shares outstanding during the year:- 3,480,000 shares.

(c Normal value of shares: Rs 10/ share

(d) Basic and Diluted EPS:- Rs. 0.00)

(vii) In accordance with the Accounting Standard AS-22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. Deferred Tax Asset is not created as a matter of prudence as there is no reasonably certainty of future profit.

(Viii) All assets and liabilities have been classified as current or non current as per company's normal operating cycle and other criteria set out in the revised Schedule VI to the Companies Act, 1956. Based on the nature of products and thtf time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current & non- current classification of assets & liabilities.

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Mar 31, 2011

(i) Previous year's figures have been regrouped/ re-arranged wherever necessary.

(ii) The Company is listed on Calcutta Stock Exchange.

(iii) There is no Contingent Liability for the year under review.

(iv) There is no employee eligible for the benefit of gratuity; hence no such provision is made.

(v) In the opinion of the Board and to the best of their knowledge and belief, the value of realization of current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

(iv) As per information and explanation provided by the Management there are no outstanding dues of SSI undertakings as required bv Schedule VI of the Companies Act, 1956.

Sd/ Ashish Trivedi Sd/- om prakash trivedi

(v) The Company has no amount to be paid to Micro, Small and Medium Enterprises in accordance with provisions of Micro, Small & Medium Enterprises Development Act, 2006,

(vi) In terms of Accounting Standard 20, the calculation of EPS is given below: -

(a) Profit/(Loss) after Taxation:- (Rs 780,00}

(b) Weighted Average number of Equity Shares outstanding during the year:- 3,480,000 shares,

(c) Normal value of shares:- Rs 10/ share

(d) Basic and Diluted EPS: - ( Rs. 0.00022)

(vii) In accordance with the Accounting Standard AS-22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Asset is not created as a matter of prudence as there is no reasonably certainty of future profit.

(vi) Balance Sheet Abstract and Company's general Business Profile as required under part IV of Schedule VI to the Companies Act, 1956 is enclosed.